RAK Properties, the developer backed by the Ras Al Khaimah Government, has posted a 25 per cent profit increase for the first quarter despite a slowing property market in the Northern Emirates.
The Abu Dhabi-listed group said on Sunday profit for the first three months of the year increased to Dh18.5 million, up from Dh14.8m from a year earlier.
The profit rise came after a 54 per cent increase in sales as revenues grew to Dh71.5m, up from Dh46.7m a year earlier, thanks to the handover of completed villas at the Flamingo Villas project in its Mina Al Arab master-planned development.
In a statement accompanying the accounts, Mohammed Sultan Al Qadi, RAK Properties’ managing director and chief executive, said that 157 Bermuda villas and a second phase of 57 Flamingo villas at Mina Al Arab were under construction.
He said the company had started to operate its Lagoon marina, a lifestyle marina at Mina Al Arab aimed at driving footfall to the shops and cafes in the company’s Lagoon Walk development.
Mr Al Qadi said the company had secured bank finance for two development projects expected to begin this year: the Julphar Residence, a 24-floor tower planned for Reem Island in the capital, which was originally announced in 2008; and a 250-room eco-hotel in Mina Al Arab, which will be managed by Minor Hotel Group.
RAK Properties said that it was also looking to press ahead with the development of 205 flats in Mohammed Bin Zayed City in Abu Dhabi, which would range from studios to two-bedroom flats. It is also planning to build a five-star hotel at Mina Al Arab.
The company said it had settled a Dh92m loan that matured in January.
RAK Properties launched Mina Al Arab, a housing complex spread over 43 million square feet, in May 2006 but was forced to put more than Dh1 billion worth of projects on hold as the global financial crisis hit the industry in 2009.
The real estate markets in all of the UAE’s Northern Emirates slowed at the end of last year as Dubai’s property slump and the effect of low oil prices hit sales, according to brokers.
“The overall negative sentiment in the Dubai market has affected sales in the Northern Emirates, which remained slow,” said John Stevens, the managing director of the real estate services company Asteco.
“This was especially evident in Ras Al Khaimah, which historically benefited from good levels of demand for its master-planned developments, as they were considered a better value for money option compared with Dubai.”
RAK Properties shares remained unchanged at 56 fils on Sunday.
lbarnard@thenational.ae
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The biog
Name: Abeer Al Bah
Born: 1972
Husband: Emirati lawyer Salem Bin Sahoo, since 1992
Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old
Education: BA in Elementary Education, worked for five years in a Dubai school
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
Eyasses squad
Charlie Preston (captain) – goal shooter/ goalkeeper (Dubai College)
Arushi Holt (vice-captain) – wing defence / centre (Jumeriah English Speaking School)
Olivia Petricola (vice-captain) – centre / wing attack (Dubai English Speaking College)
Isabel Affley – goalkeeper / goal defence (Dubai English Speaking College)
Jemma Eley – goal attack / wing attack (Dubai College)
Alana Farrell-Morton – centre / wing / defence / wing attack (Nord Anglia International School)
Molly Fuller – goal attack / wing attack (Dubai College)
Caitlin Gowdy – goal defence / wing defence (Dubai English Speaking College)
Noorulain Hussain – goal defence / wing defence (Dubai College)
Zahra Hussain-Gillani – goal defence / goalkeeper (British School Al Khubairat)
Claire Janssen – goal shooter / goal attack (Jumeriah English Speaking School)
Eliza Petricola – wing attack / centre (Dubai English Speaking College)
SERIE A FIXTURES
Saturday (UAE kick-off times)
Atalanta v Juventus (6pm)
AC Milan v Napoli (9pm)
Torino v Inter Milan (11.45pm)
Sunday
Bologna v Parma (3.30pm)
Sassuolo v Lazio (6pm)
Roma v Brescia (6pm)
Verona v Fiorentina (6pm)
Sampdoria v Udinese (9pm)
Lecce v Cagliari (11.45pm)
Monday
SPAL v Genoa (11.45pm)
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Fight card
1. Bantamweight: Victor Nunes (BRA) v Siyovush Gulmamadov (TJK)
2. Featherweight: Hussein Salim (IRQ) v Shakhriyor Juraev (UZB)
3. Catchweight 80kg: Rashed Dawood (UAE) v Khamza Yamadaev (RUS)
4. Lightweight: Ho Taek-oh (KOR) v Ronald Girones (CUB)
5. Lightweight: Arthur Zaynukov (RUS) v Damien Lapilus (FRA)
6. Bantamweight: Vinicius de Oliveira (BRA) v Furkatbek Yokubov (RUS)
7. Featherweight: Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)
8. Flyweight: Shannon Ross (TUR) v Donovon Freelow (USA)
9. Lightweight: Mohammad Yahya (UAE) v Dan Collins (GBR)
10. Catchweight 73kg: Islam Mamedov (RUS) v Martun Mezhulmyan (ARM)
11. Bantamweight World title: Jaures Dea (CAM) v Xavier Alaoui (MAR)
12. Flyweight World title: Manon Fiorot (FRA) v Gabriela Campo (ARG)